Field inventory Management means managing products, components, and equipment that sales representatives, technicians, and other field personnel carry. The effectiveness of the sales team and the overall performance of the company are highly dependent on efficiency of field inventory management.
What are the difficulties?
Several challenges are associated with handling field inventory that have significant impact on a company’s operations and success.
In this blog article, we explore the biggest challenges medical device companies face in managing field inventory. Additionally, we will present strategies for overcoming them.
Pain point 1: Inaccurate inventory data
Inaccurate inventory data is one of the biggest problems medical device companies face in managing their field inventory. Inaccurate data can lead to missed sales opportunities, dissatisfied customers, and inventory insufficiency. Common causes of inaccurate inventory data include manual tracking methods and inadequate data collection.
To solve this problem, companies can implement software solutions with
– real-time inventory tracking and reporting
– barcode scanning technology
– automatic inventory updating
These solutions provide accurate and real-time inventory data. Furthermore, they reduce the likelihood of insufficient inventory, ensuring sales reps have products required to close deals.
Pain point 2: Lack of integration
Another common problem contributing to inaccurate inventory data is the lack of full integration between field inventory software and ERP systems such as SAP®. Without true integration, data does not come from a single source. As a result, it can be difficult to ensure the data is accurate and up-to-date. Without real-time data, field inventory management can become cumbersome and error-prone.
Using solutions that provide a full integration between field inventory management software and ERP systems eliminates this problem. By consolidating all data into a single system, companies can ensure their data is accurate and up-to-date. They will no longer require middleware. This results in a simpler and more effective inventory management process with real-time data updates that provide accurate and timely information to the sales team, technicians, and other field personnel.
Pain point 3: Poor inventory visibility
Insufficient inventory visibility is another major pain point in managing field inventory. This can certainly lead to missed sales opportunities, overstock or out-of-stocks, and dissatisfied customers. Common causes of poor inventory visibility include inadequate tracking and reporting tools or lack of communication between the sales team and the inventory management team.
To improve inventory visibility, companies should implement software solutions with mobile inventory management, real-time inventory updates, and customizable reporting features. These solutions provide a clear picture of inventory levels, enabling companies to optimize field inventory levels and reduce the likelihood of out-of-stocks or overstock.
Pain point 4: Inefficient replenishment processes
Inefficient replenishment processes are another major pain point in field inventory management. Inefficient processes can lead to delays in delivering products to customers or overstock in the field. Common causes of inefficient replenishment processes include manual processing of orders or lack of automatic triggers for replenishment.
To improve replenishment processes, companies can implement software solutions with automatic replenishment triggers, customizable workflows for replenishment requests, and real-time inventory updates. These solutions ensure that products are replenished promptly, reducing the likelihood of incorrect orders and ensuring that sales reps have the products they need to close the deal.
Pain point 5: Lack of data analysis
Lack of data analysis is another major pain point in field inventory management. Without proper data analysis, it can be difficult to identify patterns, adjust inventory levels and increase sales success. Common causes of lack of data analytics include inadequate tracking and reporting tools or lack of data integration.
To improve data analytics, companies can implement software solutions with customizable reporting capabilities, real-time inventory updates, and data integration with other business systems. These solutions provide companies with the insights they need to optimize their field inventories, reduce the likelihood of out-of-stock, and improve sales performance.
What’s the solution?
In summary, managing field inventory can be a complex and difficult process for medical device companies. However, there are ways to overcome the common problems mentioned in this article.
By improving inventory data accuracy, visibility, replenishment processes, and data analytics, companies can optimize their field inventory management and achieve better overall business results.
mymediset. Certified by SAP®. Proven by Fortune 500 players in the healthcare industry.
At mymediset, we understand the challenges medical device companies face in managing their inventory, and our solution is designed to solve those problems. Mymediset’s cloud technology is fully integrated with SAP®, S/4HANA and follows the one-source-of-truth approach. It comes with a mymediset mobile app for the sales rep. Both, the sales representative and your back-office team can easily plan cases, perform field transfers, and always have a complete overview of relevant data such as shelf life, serial, lot and batch numbers. Mymediset provides real-time inventory visibility, barcode scanning technology to easily capture consumed items, automatic replenishment triggers, and a range of reporting features.
Look no further than the mymediset Consignment & Field Inventory Solution.